China Ties with Japan, Korea to Deepen Amid New Focus: Moody’s
- ‘Dual circulation’ won’t stop process of economic integration
- As it moves up value chain, China emerging as tech competitor
Shipping containers at the Yangshan Deepwater Port in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s strategy to boost technological self-reliance won’t stop its economic integration with Japan and South Korea, but the inward shift increasingly will put it in competition with its key trading partners, according to Moody’s Investors Service.
Booming trade has helped power China’s development since it joined the World Trade Organization in 2001. For the next phase of the country’s development, President Xi Jinping proposed a “dual circulation” strategy last year under which “internal circulation” will be the mainstay of the economy, with “external circulation” as a complement.